Income tax revenue boost as exchequer deficit 'to be kept below €30bn'

The exchequer took in more than anticipated in income tax revenues in July, providing reassurance for Finance Minister Paschal Donohoe the Government's budget deficit will be kept below €30bn in 2020

Finance Minister, Paschal Donohoe. Picture: Sam Boal/Rollingnews.ie

The exchequer took in more than anticipated in income tax revenues in July as more parts of the economy opened up, providing reassurance for Finance Minister Paschal Donohoe the Government's budget deficit will be kept below €30bn in 2020 despite the severe Covid-19 economic shock.

The Department of Finance said the exchequer deficit had reached €7.4bn over the first seven months, reflecting the Government spending on pandemic and wage-support welfare programmes, and increased healthcare spending amid the crisis.